Shanghai Tin Prices Rebound Post-Bottom, Spot Market Trading Remains Subdued Despite Temporary Price Surge

Minsur, the world's second-largest refined tin producer, reported that its Pisco smelter in Peru produced 8,314 mt of refined tin in Q1 2026, down 2.9% YoY. The company attributed the slight decline in tin production to lower feed grades and reduced recovery rates at the smelter. Meanwhile, rising tin prices drove a 16.9% YoY increase in net revenue, effectively offsetting the impact of the production decline. Tin-in-concentrates production from the San Rafael underground mine fell 2.0% YoY to 6,096 mt due to lower recovery rates, but this was partially offset by a 3.3% increase in production from the B2 tailings dam. Total tin-in-concentrates production was basically flat YoY at 7,993 mt. The mill feed grade at the San Rafael mine remained stable at 2.40% Sn.

[SMM SHFE Tin Brief: Warm Macro Sentiment and Weak Trading Volume Offset Each Other, SHFE Tin Retreated after Rapid Rise and Closed at 423,000]

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 11 May , 2026